Business Notes Investments

One of America's best investment bargains disappeared last week. The Government announced that it was dropping the interest rate on Series EE U.S. savings bonds, held for five years, from 7.5% to 6% as of Nov. 1. Until then, the savings bond rate had been considerably higher than, for example, the 6.8% interest on a five-year Treasury note.

Before the announcement, reports that a rate decline was coming drove thousands of Americans to buy the last of the 7.5% bonds. Glenview State Bank in suburban Chicago sold some 90 $1,000 bonds in three days. It typically sells just three a month.